3 million new jobs? That’s Obama’s goal for his stimulus, but one of the most astute commentators on the current crisis says it’s total hogwash. EuroPacific Capital chief Peter Schiff, who’s gained a Roubini-like cult following, told Fox Business that, if anything, the plan will destroy jobs:
Brian Sullivan: He talked about job losses and we need job creation. He said he wants to create 3 million new jobs, which 80% would be private sector, which means 600,000 would be to government, but then he didn’t say anything that I heard that said how he would create those jobs.
Schiff: But we need the private sector creating jobs without government interference. We need productive jobs. We don’t want to work just to work. We need to work so we can have real productivity. What we need in this country, in addition to less government, is more savings and more production. But what Obama’s trying to do is force feed more spending and more borrowing into an economy that is suffering from an excess of both.
Sullivan: How is taking money from the well-to-do and giving a $500 or $1000 check once a year back basically to a family going to create a job? A thousand dollars wouldn’t matter to a lot of families in America, but right now a thousand bucks might. But how is it going to create a job?
Schiff: Well it’s not. It’s going to destroy jobs, but also he’s not even talking about big tax increases. He’s talking about printing a bunch of money and just spending it because government—I heard Obama talk about all the things that government is going to give us. The government is broke. The government can’t give us anything it doesn’t take.